In the past week, the main narrative of the market has been almost completely dominated by geopolitical conflicts, particularly the ongoing deterioration of the situation in the Middle East, which has become the core factor influencing the price fluctuations of risk assets. Whether it is the U.S. tariff policy, which should have had trending topics, or the recently released retail and import price data, both have gradually been marginalized in the context of escalating conflicts. Investors' attention has clearly shifted from macro fundamentals to the pricing logic of war risks. Especially at a time when both tariffs and inflation are exerting pressure, the surge in oil prices brought about by geopolitical conflicts has further compressed the policy space of the Federal Reserve.